Mercent: Rationale for Acquisition CommerceHubacquired Mercentfor its technology and not its customer base • CommerceHubwanted to get Mercent’s technology • CommerceHubwas not interested in Mercent’s customers who are mostly smaller e- commerce players • Ex-Mercent customers fall into two groups: 1. Self-service customers 2. Managed services clients Caro-Kann Capital LLC 49